Robert Morris Quoted in MarketWatch on the New Tax Bill
D. Robert Morris, chair of Pullman & Comley's Tax practice, talked with MarketWatch about how estate taxes will be affected by the new bill on Capitol Hill. The current proposal plans to lower the total estate tax exemption from $11.7 million to $6 million (or from $23.4 million to $12 million if you’re married). They also plan to end, or restrict, various other strategies, such as grantor trusts. Some changes will take effect as soon as President Biden signs the bill, and with adjustments usually taking time to set up, individuals need to act fast.
Rob, who also practices in the firm's Trusts and Estates practice, explains that people have "a little bit of time to make gifts and take advantage of some of the discounting you can on minority interests, at least for some assets.”
Read the full article on MarketWatch's website.